Cloud9 Raises Funding to Revolutionize International Payments for African Entrepreneurs
Kenyan fintech startup Cloud9 has announced an undisclosed investment from crypto and fintech accelerator Alliance, bringing its total funding to $1 million. The company is building a cross-border payment and banking platform that leverages stablecoin technology to help African businesses manage international transactions more efficiently.
Addressing Key Pain Points for Businesses
Cloud9 targets the challenges faced by entrepreneurs who import goods from countries like China, Dubai, and India—often dealing with expensive bank transfers, settlement delays, and complex account-opening processes. By using stablecoins as an underlying infrastructure, Cloud9 aims to reduce friction in these transactions.
The platform offers:
- Mobile accounts supporting multiple currencies (Kenyan shillings, USD, EUR, GBP, CNY)
- Payment capabilities in over 100 countries
- Virtual accounts for receiving international payments
- Business payment solutions like payroll and bulk transfers
Leveraging Founders’ Experience
The startup was founded by Tesh Mbaabu and Martin Sibuti—veterans of the African tech scene who previously built MarketForce, a retail technology company that raised funding from Y Combinator before facing scaling challenges. Their experience building products for merchants positions them well to understand the financial needs of businesses across Africa.
The Stablecoin Advantage
Stablecoins offer an alternative to traditional banking networks by providing a digital token pegged to currencies like the US dollar. This can reduce settlement times and costs, though regulatory compliance and service reliability remain important considerations.
Cloud9 currently has over 25,000 registered users with transaction volume growing steadily each week—demonstrating early interest in their solution. With Alliance’s support, they plan to expand into new payment corridors and develop additional features like virtual and physical payment cards.